AutoBeta(AutoBeta.net)05/12 Report--

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Japan's Mitsubishi Motors reported that its operating profit for the 2018 fiscal year reached 111.8 billion yen ($1.01 billion), an increase of 14% over the same period last year, mainly due to rising sales and cost control measures offset by foreign exchange losses. net income reached 132.87 billion yen ($1.2 billion), up 24% from the same period last year As global sales rose in all major markets to 1.24 million vehicles, up 13 per cent year-on-year, revenue also rose 15 per cent to 2.51 trillion yen ($22.65 billion).

Mitsubishi's operating profit in North America more than tripled to Y3.5 billion ($31.6 million) last fiscal year, mainly due to a 12 per cent year-on-year rise in sales in the region to 173000 vehicles. In the European market, Mitsubishi's sales surged 25 per cent year-on-year to 236000 vehicles last fiscal year, but posted an operating loss of 4.3 billion yen, compared with an operating profit of 10.7 billion yen ($96.6 million) in the region in fiscal 2017.

Mitsubishi said it needed to invest heavily in developing and selling new on-demand mobile travel services, as well as low-emission cars and complying with stricter regulations, which would put pressure on its growth prospects in the coming years. The company expects global car sales to grow 4.9 per cent this fiscal year to 1.31 million, a slowdown from the 13 per cent growth rate in fiscal 2018, as Southeast Asia is a key market that has more than doubled in the past decade.

Mitsubishi chief executive Yoshiko said temporarily that Mitsubishi accepted a slowdown in sales growth in the coming years and would ensure Mitsubishi's continued profitability by slowing its expansion in sales growth markets such as ASEAN countries, China and the US. "We need to overhaul our strategy, even if there is a temporary stagnation in performance," he said. It is not realistic to adopt an expansion-based strategy, and we need to give priority to healthy growth. " He said he would resist relying on discounts and high-volume sales to increase overall sales, a strategy that has affected Nissan's performance in the US.

At the same time, Yoshiko added that Mitsubishi had not discussed potential management integration with Nissan and Renault and was not even aware of such negotiations between Renault and Nissan.

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